Indian Oil Corporation (IOC) is mulling the possibility of setting up refinery cum petrochemical complexes in Turkmenistan and Kazakhstan. IOC has informed the petroleum ministry IOC of its intent to set up plants across Central Asia. Currently, IOC has no activity pertaining to E&P or refining in Turkmenistan and Kazakhstan. However, IOC is keen to participate in the forthcoming tender to be shortly floated by the Turkmenistan government for a new refinery cum petrochemicals project for processing 3 mln ton of oil and 3 billion cubic metre of gas per year. State-owned oil company of Kazakhstan-KazMunaiGs (KMG), which has already evinced interest to partner IOC for its new refinery-cum-petrochemical complex at Ceyhan in Turkey, is being considered as a potential partner by IOC for jointly setting up gas processing and gas based petrochemical complexes (including crackers) and derivatives in Kazakhstan.
IOC is setting up a similar facility in Turkey with its partner Calik Energy and is currently engaged in discussions with some other international oil and gas majors for jointly developing the project as a consortium.